RBC Capital Markets on Tuesday released a playbook for clients on the market's expected short-term reaction to the U.S. presidential election, which includes a potential 3-4 percent rally should Hillary Clinton win, and a 10-12 percent drop on a Donald Trump victory.

"The events of the last two weeks provide investors with an excellent preview of how the market might respond to the outcome of today's election," The firm's chief U.S. market strategist, Jonathan Golub, wrote in a research note.

The analysis conducted by RBC was based on the recent events that have transpired in the weeks ahead of the election, specifically the moves in stocks, currencies, commodities and rates in response to FBI Director James Comey's letters to Congress.

CNBC PRO members can read RBC's election playbook below, which is published here with the firm's permission.